Income Tax Act

The Income Tax Act, and Rules provides for levy, administration, collection and recovery of Income Tax.

Where any Central Act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and subject to the provisions (including provisions for the levy of additional income-tax) of, the Act in respect of the total income of the previous year of every person :

Provided that where by virtue of any provision of this Act income-tax is to be charged in respect of the income of a period other than the previous year, income-tax shall be charged accordingly.

In respect of income chargeable as mentioned-above, income-tax shall be deducted at the source or paid in advance, where it is so deductible or payable under any provision of this Act.

Notifications

Guidelines for Compounding of Offences under Income Tax Act, 1961

17 Sep, 2022
With a view to decriminalise certain offences & to facilitate compounding of offences under the Income-tax Act, 1961, CBDT issues fresh guidelines dated 16.09.2022.
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Additional Guidelines under section 194R (2) of Income Tax Act

13 Sep, 2022
CBDT has issued some more clarifications vide its circular relating to sub-section (2) of section 194R on issues which will help to remove difficulties in implementation of this provision.

Guidelines on perquisites under section 194R (2) of the Income Tax Act

16 Jun, 2022
The Finance Act 2022 inserted a new section 194R in the Income-tax Act, 1961.
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